asked the Minister for Lands if his attention has been drawn to a report of an investigation into the buying of land which was carried out by the Irish Farmers' Journal in which it was alleged that Irish land was being bought up at an alarming rate and that the twenty-five per cent. stamp duty was being rendered ineffective by a succession of legal loopholes; and, if so, whether he will make a statement on the matter.
Ceisteanna—Questions. Oral Answers. - Land Purchases by Non-Nationals.
62.
My attention has been drawn to the newspaper report in question. Of the three methods of evading the 25 per cent. stamp duty, as detailed in the newspaper report two have already been rendered ineffective by the Finance Acts, 1961 and 1962. The alleged new method of evasion is being investigated as a matter of urgency.
I would inform the Deputy that the Revenue Commissioners have extensive powers under Section 35 of the Finance Act, 1961, to deal with cases in which arrangements are made for the purposes of avoiding or reducing liability to stamp duty at the 25 per cent rate.